Spread Order Entry Study


The Spread Order Entry Study allows for the simultaneous buying and selling of various instruments in order to create a Spread Order. A minimum of two symbols need to be entered to create the order, but up to four different symbols can be used.

The total number of Buy symbols does not need to match the total number of Sell symbols.

The study can be used by itself or it can be used along with specific controls for it on the Trade Window. For more information refer to Trading Window >> A >> Spread Orders.

Step-by-Step Instructions

  1. Add the Trading: Spread Order Entry study to the chart. For instructions to add this study to the chart, refer to Adding/Modifying Studies. In the case of when you are using a Trading DOM, refer to the Adding Studies on a Trade DOM instructions instead.

    This study can also be accessed from the Trading Window by selecting the A tab and then selecting the button Enter Spread Order.
  2. Enter the desired parameters for the Spread Order. At a minimum, the Inputs for Leg 1 Symbol and Leg 2 Symbol should be entered to allow for the display of the Spread Pricing difference.
  3. Select the Apply button to update the chart and have the Spread Pricing displayed.
  4. Based on the Spread Pricing displayed, enter a value for the Spread Entry Price to be used. Select a setting for the Spread Entry Price Operator to determine how Spread Entry Price is used in comparison to the actual Spread Price.
  5. If using the built-in Target and Stop orders in the study, then select Yes for the Use Target After Fill of Spread Entry and the Use Stop After Fill of Spread Entry inputs. Enter appropriate values for the Target Spread Price and the Stop Spread Price.
  6. If using the Study alone, then set the Is Active and Waiting For Spread Trigger Price to Yes and select OK to enable the monitoring of the Spread Price against the entered Spread Entry Price and close the Study Settings window.

    If using the Trading Window to access this study, then select the Enable button.

    It is also possible to right-click on the screen and select the option Enable Spread Order Entry to enable the monitoring of the spread.

Study Inputs

  • Is Active and Waiting for Spread Trigger Price: When this Input is set to Yes then the study is in an Enabled state and is monitoring for a match to either the Spread Entry parameters or to the Target and/or Stop parameters. Otherwise, the study is Disabled and is not actively checking for a match for these items and will not enter or exit any Orders.
  • Leg 1 Symbol: This is the symbol for the first leg of the spread.
  • Leg 1 Side: This is the position to take for the first leg of the spread. The possible values are Buy or Sell.
  • Leg 1 Quantity: This is the quantity for the first leg of the spread.
  • Leg 2 Symbol: This is the symbol for the second leg of the spread.
  • Leg 2 Side: This is the position to take for the second leg of the spread. The possible values are Buy or Sell.
  • Leg 2 Quantity: This is the quantity for the second leg of the spread.
  • Leg 3 Symbol: This is the symbol for the third leg of the spread.
  • Leg 3 Side: This is the position to take for the third leg of the spread. The possible values are Buy or Sell.
  • Leg 3 Quantity: This is the quantity for the third leg of the spread.
  • Leg 4 Symbol: This is the symbol for the fourth leg of the spread.
  • Leg 4 Side: This is the position to take for the fourth leg of the spread. The possible values are Buy or Sell.
  • Leg 4 Quantity: This is the quantity for the fourth leg of the spread.
  • Spread Entry Price: This is the trigger price that is used in combination with the Spread Entry Price Operator to determine when the defined symbols are initially bought or sold.
  • Spread Entry Price Operator: This Input is used in combination with the Spread Entry Price to determine when the defined symbols are initially bought or sold. The following options are available:
    • Less or Equal: The trigger will occur when the Spread Price is Less than or Equal to the Spread Entry Price.
    • Greater or Equal: The trigger will occur when the Spread Price is Greater than or Equal to the Spread Entry Price.
  • Number of Bars for Subgraphs: This Input controls how many bars across which each of the subgraphs will be drawn/kept. Note that when changing this value, the Spread Price subgraph will not update until there is an update to the Main Price Graph.
  • Draw Zero Values: When this Input is set to Yes then subgraphs that have a value of 0 will be drawn. Otherwise, the subgraph will not be drawn when it has a value of 0. Note that this can become important in order to visualize the lines when one of the Spread Entry Price, Target Spread Price, or Stop Spread Price is intentionally set to a value of 0.
  • Use Target After Fill of Spread Entry: When this Input is set to Yes then a Target trigger is monitored as part of the study at the price specified in the Target Spread Price after the fill of the Spread Entry. This Target order will close the open Spread Entry Positions when the Spread Price reaches the Target Spread Price.
  • Target Spread Price: This Input is used in combination with the Use Target After Fill of Spread Entry to define a level at which a Target trigger will be placed.
  • Use Stop After Fill of Spread Entry: When this Input is set to Yes then a Stop order trigger is monitored as part of the study at the price specified in the Stop Spread Price after the fill of the Spread Entry. This Stop order will close the open Spread Entry Positions when the Spread Price reaches the Stop Spread Price.
  • Stop Spread Price: This Input is used in combination with the Use Stop After Fill of Spread Entry to define a level at which a Stop trigger will be placed.

Enabling/Disabling the Study

Since this study includes active monitoring of the prices against the entered values in order to determine when to take an action, it is necessary to either Enable or Disable this monitoring apart from placing the study on the chart.

Note that due to the timing of the display of the information in various windows, it is possible that one area of the program may show the monitoring Enabled and another that it is Disabled. A refresh of the windows that contain this information (closing the window and reopening it) should set the values appropriately. In addition, the text displayed with this study always give the correct state of the study.

This study has text that is displayed in the region of the chart in which the study is displayed. This text always give the most accurate information of the state of the study.

The following sections give information on how to Enable and Disable the study from various locations within the program.

Enable/Disable From Study Settings

The study Input Is Active and Waiting for Spread Trigger Price enables the monitoring when it is changed from No to Yes. Conversely, this disables the monitoring when it is changed from Yes to No.

The Study Settings page does not update when the study has been Enabled or Disabled from another location, and requires a refresh of the window in order to display the proper information. Nonetheless, the action of changing the value from No to Yes or from Yes to No will properly deal with the current state of the monitoring. For example, if the Trading: Spread Order Entry Settings window is displayed, and the monitoring is changed from Disabled to Enabled through another means, then the Input for Is Active and Waiting for Spread Trigger Price will still show a value of No. Changing this value, however, to Yes does not change the monitoring state, but leaves it as Enabled. If, however, the Input is then changed back to No, then the monitoring will be Disabled.

Enable/Disable from Trade Window

The Trade Window has special controls for this study on the A tab under the section for Spread Orders.

Depending on the state of the monitoring, there is a button that will show either Enable or Disable. Selecting the button when Enable is displayed, will enable the monitoring. Whereas, selecting the button when Disable is displayed will disable the monitoring.

For more information on these controls, refer to the Spread Order documentation for the Trade Window.

Enable/Disable with Pointer

When the Spread Order Entry study is on a chart, then the ability to Enable and Disable the study are available through the right-click option of the pointing device.

In order to Enable or Disable the monitoring, simply right-click on the graphics area and the right-click menu will display the options for Enable Spread Order Entry and for Disable Spread Order Entry. Depending on the state of the monitoring, only one of these options will be available.

If the monitoring is not active, then the option for Enable Spread Order Entry will be available on the right-click menu and the Disable Spread Order Entry will not be available. Selecting the Enable Spread Order Entry option will enable the monitoring of the Spread Order Entry study.

Conversely, if the monitoring is active, then the option for Disable Spread Order Entry will be available on the right-click menu and the Enable Spread Order Entry will not be available. Selecting the Disable Spread Order Entry option will disable the monitoring of the Spread Order Entry study.


*Last modified Friday, 26th October, 2018.